Pegasus Sales Takes Off

The sale of the Jamaican government’s 59.81% stake in the Pegasus Hotel has officially taken off, Lissant Mitchell, senior vice president of Scotia DBG, tells LatinFinance. Scotia DBG was appointed in January to sell the stake, which represents 71.9m shares, or roughly $10m. Mitchell explains that expressions of interest will be accepted until September 30 and that a pre-qualification process will begin “a few weeks later.” He also says some international hoteliers and investors had previously made expressions of interest. According to the hotel’s financial statements, as of the year ended March 31, it had about JMD1.0bn in revenue and net profit of JMD55.2m. The Jamaican government is selling what it considers non-core assets, but Mitchell says Scotia is only handling the sale of the Pegasus. Pegasus shares closed at JMD12.54 on August 20, taking the value of the stake to almost JMD901.6m.